JKSFC sanctions about Rs 8 crore in loans to entrepreneurs

SRINAGAR: Jammu and Kashmir State Financial Corporation ( JKSFC) has sanctioned loans worth Rs 7.92 crore to 138 entrepreneurs in the first quarter of the current fiscal, achieving 100 per cent target.

The sanctions are 26 per cent higher than Rs 6.73 crore made during April-June, 2010-11, a JKSFC spokesman said after a meeting of the Board of Directors of the firm here.

He said loans worth Rs 5.97 crore have so far been disbursed to 134 beneficiaries, as against disbursements of Rs 3.54 crore in the first quarter of last fiscal.

The target for the quarter has been achieved, the spokesman said.

He said the Corporation has effected recovery of Rs 6.03 crore against a target of Rs 7.34 crore for the quarter.

Minister for Finance Abdul Rahim Rather, who chaired the meeting, asked the management of the corporation to gear-up for meeting higher targets.

"The Corporation should devise a proactive strategy to further strengthen its capital base for achieving positive net worth," said Rather, who is also the Chairman of JKSFC.

Stressing for capacity building and manpower rationalisation, he said the Corporation should diversify its business activities for resource mobilisation.

Rather said the corporation has played a vital role in boosting business and trade activities in the state in past and asked the management to gear up to restore its past glory.

The Minister also called for updating of the Balance sheet of the Corporation.